QUESTION
What are the affordability requirements for residential units?
1:20:05
·
20 sec
The Department of Housing Preservation and Development states that 50% of the residential units must be rent stabilized and have rents below 80% of Area Median Income (AMI).
- The remaining 50% of units can be rented at market rate.
- There is no requirement that 100% of units must rent below 80% AMI.
- The council member seeks clarification on this affordability restriction.
Pierina Ana Sanchez
1:20:05
And sorry, clarifying question on the affordability restriction.
1:20:09
Is it a 100% of the units must rent at a under 80% of AMI?
Kim Darga
1:20:14
50%.
1:20:15
So 50% of the residential units have to be rent stabilized and have rents below 80% of every median income
Pierina Ana Sanchez
1:20:22
Okay.
1:20:23
And the rest can be market?
1:20:24
Yes.
1:20:25
Got it.